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With the introduction of the Specialized Investment Fund (SIF), AIFs and PMS players are now interested in MF business.
In the recent example, ASK Investment Managers and Monarch Networth Capital have applied for MF license with SEBI.
Both ASK Investment Managers and Monarch Networth Capital offer AIF and PMS products to wealthy investors.
Sunil Rohokale, MD and CEO, ASK Asset & Wealth Management Group had earlier told Cafemutual that his company will foray into MF business to explore SIF as a product.
SEBI recently introduced a new asset class called Specialized Investment Fund (SIF). SIFs are a product class that has more flexibility than a regular mutual fund scheme and lower ticket size than PMS and AIFs.
The minimum investment amount for investors in SIF is Rs. 10 lakh. This asset class will have TER structure like mutual funds and will be subjected to single issuer limits.
Another player, AlphaGrep Securities is also waiting for SEBI approval for MF license. It filed its application on June 10, 2024. AlphaGrep is a stock broker that follows a quant-based model.
In 2024, SEBI gave in-principle approval to four new entrants, Jio BlackRock, Capitalmind, Choice International and Cosmea Financial Holdings.
The market regulator also gave final approval to Unifi Asset Management and Angel One AMC.
